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Bulls vs Bears: Here's what to expect on Dalal Street today

Bulls vs Bears: Here's what to expect on Dalal Street today

Sensex closed 497 points lower at 55,268 and Nifty fell 147 points to 16,483 in the previous session.

Mid cap and small cap indices fell 285 points and 321 points, respectively. Mid cap and small cap indices fell 285 points and 321 points, respectively.

Indian stock market fell for the second straight session on Tuesday led by losses in IT and banking shares amid mixed global cues. Sensex closed 497 points lower at 55,268 and Nifty fell 147 points to 16,483. Mid cap and small cap indices fell 285 points and 321 points, respectively.

IT, banking and consumer durables shares were the top sectoral losers with their BSE indices falling 816 points, 455 points and 476 points, respectively.

All 19 BSE sectoral indices ended in the red.

Market breadth was negative with 1,156 stocks ending higher against 2,175 shares falling on BSE. 136 shares were unchanged. The market cap of BSE-listed firms fell to Rs 257.48 lakh crore on Tuesday.

Here's a look at what analysts said about the direction the market is likely to take today.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

"Technically, on intraday charts, Nifty has maintained a lower top formation and also formed a bearish candle on daily charts, which suggests further correction from the current levels. For traders, 16,600 would act as an immediate resistance level and below the same, the correction wave is likely to continue till 16,400-16,350. A fresh uptrend rally is possible only after the 16,600 breakout above which, the index could retest the level of 16,700-16,735."

Om Mehra, Research Associate, Choice Broking

"Bank Nifty has support at 35,900 levels while resistance at 36,800 levels. As we step towards the monthly expiry, high volatility is going to remain intact. Sell on rise would be advisable in coming days until 16,650 levels are attained."

Mohit Nigam, Head - PMS, Hem Securities

"On the technical front, the key resistance levels for Nifty50 are 16,600 and on the downside 16,200 can act as strong support. Key resistance and support levels for Bank Nifty are 36,700 and 36,000, respectively."

Deepak Jasani, Head of Retail Research, HDFC Securities

"Nifty has breached the near-term low of 16,483 but closed around there. 16,359 is the next support for the Nifty while 16,521-16,564 band could offer resistance. Traders seem to be looking to cut long positions ahead of the US Fed meet outcome. Thursday could be a volatile day for the Indian market.

Rupak De, Senior Technical Analyst, LKP Securities

"A 'lower top lower bottom' formation is visible on the hourly chart, which indicates a near-term bearishness. On the lower end, immediate support is placed at 16,400-16,350, below which the index may fall towards 16,000. On the higher end, resistance is visible at 16,600, above which the uptrend is likely to resume."